Do Not Get Caught With Your Pants Down

Do Not Get Caught With Your Pants Down

Do Not Get Caught With Your Pants Down

The markets jumped higher today at the open, rallying on a sharp drop in the Dollar once again. Commodities were off to the races, with gold and silver leading the charge. TheSPDR Gold Trust (ETF) (NYSE:GLD) hit a high at the open of $139.54 while the iShares Silver Trust (ETF) (NYSE:SLV) hit a high of $30.00. This move was driven by the hype over the last week and yesterday. Amateur traders and investors were buying with reckless abandon, after hearing rumors that JPMorgan Chase & Co. (NYSE:JPM) was caught short and an inevitable short squeeze on silver was looming. Even the media and talking heads on TV were all over the squeeze.

When I hear this nonsense Istart to salivate on the short side. Always go the opposite way of the crowd. That was all hype on JPM being caught short. The average investor who bought this morning was plainly fooled and took the bag from institutional smart money. Please, do not be so dumb average investor! It drives me crazy. Learn the game. As an expert trader and Chief Market Strategist, I implore you all, do not get caught in the hype.

Like clock work, these commodities jumped higher at the open in a frenzy of buying by amateurs, while institutions gladly sold to them. This marked the high of the day. Since the GLDhit its high of $139.54, it reversed and turned negative, dropping to a low of $137.32. The SLV collapsed from a major gap higher to turn negative. It went from $30.00 to a low of $29.12.

Never fall into these foolish tricks. Trust me, if JPM was truly short, they are powerful enough with powerful friends to push it in the direction they wanted. I would dare say, now most institutions are short silver and a small pull back has begun. Learn the tricks, do not get caught with your pants down.

Gareth Soloway

ChiefMarket Strategist

www.InTheMoneyStocks.com

#1 Rated

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